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Generex provides update on its acquisition proposal of Emmaus Life Sciences.

M2 EQUITYBITES-February 10, 2017-Generex provides update on its acquisition proposal of Emmaus Life Sciences

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Drug delivery company Generex Biotechnology Corporation (Other OTC:GNBT) reported on Thursday the launch of a letter of intent for the acquisition of a controlling equity interest in Emmaus Life Sciences Inc on 23 January 2017.

On 20 January 2017, Generex has filed a Form 8-K Current Report in respect of the transaction with the US Securities and Exchange Commission (SEC) that provides comprehensive and detailed descriptions of the transaction terms.

Today, Emmaus has granted Generex with an extension of the payment date to 16 February 2017 for an interim cash consideration payment of USD1.5m.

Headquartered in Torrance, CA, Emmaus is a biopharmaceutical company engaged in the discovery, development, and commercialisation of innovative treatments and therapies, primarily for rare and orphan disease. Initial product development efforts are focused on Sickle Cell Disease (SCD), a genetic disorder.

In the beginning of February 2017, Emmaus announced the US Patent & Trade Office's allowance of its patent application covering the use of its lead investigative product, pharmaceutical grade L-glutamine (PGLG), for the treatment of diverticulosis. It has received a Japanese Patent Office allowance of its patent application in respect of PGLG for the treatment of diabetes.

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Publication:M2 EquityBites (EQB)
Date:Feb 10, 2017
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